Will our national budget ever get balanced?

Look up the annual report published jointly by the CBO and The Joint Taxation Committee. The 316 page report for 2013 can be found at www.cbo.gov

A summary in the November 18, 2013 issue of Barron’s makes the point:

Citizens could read it for the thrills and chills: canceling big weapons systems and shrinking the size of the military, pension cuts for federal workers, raising the Social Security retirement age and the Medicare eligibility age; holding highway spending to whatever the gasoline tax brings in; trimming the federal workforce by 10%; pushing more Medicaid costs on to the states; raising income-tax rates on everybody and reducing deductions in the upper brackets; and much more, totaling $10 trillion in tax hikes and nearly $3 trillion in spending cuts over 10 years.

Instead, read it to learn that all of its reasonable spending cuts and tax increases together won’t balance the budget; they just hold the growth of government in rough equality with the growth of the economy.

Read it, therefore, to understand how much fiscal trouble we have.

If the present administration was really serious about improving this country instead of ruining it – then, one policy change would be to turn around employment.

Just think, if their policy was to take one half of unemployed and get them working… (1), Half of the spending for unemployment would go away; (2), New tax revenue would come into Washington as the workers had taxable income; (3), Productivity would skyrocket; (4), The multiplier effect would take over creating more jobs, wealth and additional tax revenue. So, spending would go down and tax revenue up. A simple solution with just one policy change.

WATCH MY NEW FREE WEBINAR:
HOW TO DOUBLE YOUR SOCIAL SECURITY BENEFITS WHILE REDUCING YOUR TAXES BY 80% IN RETIREMENT.
TAKE ADVANTAGE OF THE FREE OFFER AT THE END https://www.youtube.com/watch?v=ZFnxHDuyNbs

Watch my new FREE webinar, How To Double Your Social Security Benefits While Reducing Your Taxes By 80% In Retirement, take advantage of the free offer at the end.

Check out our other blog, the Wealthy Future Blog, to learn all the principles of Missed Fortune, as outlined by best-selling author, Doug Andrew. The articles, audio and video programs will provide information which you will find both enlightening and empowering!

You can also visit our website at Founders Group to learn more about how we can help you optimize your assets or provide you with any financial advice.

Leave a Comment

If you like what you're reading here, feel free to comment!

Name: (Required)

E-mail: (Required)

Website:

Comment: